Andrew F. Sullivan Sells 6,000 Shares of Prudential Financial, Inc. (NYSE:PRU) Stock
Andrew F. Sullivan, EVP of Prudential Financial, Inc. (NYSE:PRU), sold 6,000 shares at an average price of $105.98, totaling $635,880. Following this transaction, he owns 27,072 shares, reflecting an 18.14% decrease in ownership. The sale was disclosed to the SEC. Prudential's stock rose 3.4% to $108.64, with a market cap of $38.89 billion. The company recently increased its quarterly dividend to $1.35, yielding 4.97%. Analysts have mixed ratings on the stock, with a consensus target price of $126.15.
Prudential Financial, Inc. (NYSE:PRU - Get Free Report) EVP Andrew F. Sullivan sold 6,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $105.98, for a total transaction of $635,880.00. Following the completion of the sale, the executive vice president now directly owns 27,072 shares of the company's stock, valued at approximately $2,869,090.56. This represents a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.
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Prudential Financial Stock Up 3.4 %
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Shares of Prudential Financial stock traded up $3.60 on Friday, reaching $108.64. The company's stock had a trading volume of 1,596,456 shares, compared to its average volume of 1,437,886. Prudential Financial, Inc. has a 52 week low of $104.45 and a 52 week high of $130.55. The firm's fifty day simple moving average is $114.52 and its two-hundred day simple moving average is $119.44. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $38.89 billion, a price-to-earnings ratio of 14.54, a P/E/G ratio of 0.98 and a beta of 1.28.
Prudential Financial (NYSE:PRU - Get Free Report) last issued its earnings results on Tuesday, February 4th. The financial services provider reported $2.96 earnings per share for the quarter, missing analysts' consensus estimates of $3.36 by ($0.40). Prudential Financial had a return on equity of 15.86% and a net margin of 4.01%. Equities analysts anticipate that Prudential Financial, Inc. will post 14.36 earnings per share for the current year.
Prudential Financial Increases Dividend
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The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Prudential Financial's previous quarterly dividend of $1.30. Prudential Financial's payout ratio is 72.29%.
Analysts Set New Price Targets
A number of research firms have recently commented on PRU. BMO Capital Markets assumed coverage on Prudential Financial in a research note on Thursday, January 23rd. They issued an "underperform" rating and a $101.00 target price for the company. TD Cowen raised their price objective on Prudential Financial from $130.00 to $133.00 and gave the company a "hold" rating in a research report on Wednesday, November 27th. Morgan Stanley decreased their price target on shares of Prudential Financial from $136.00 to $128.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Jefferies Financial Group boosted their price objective on shares of Prudential Financial from $149.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Finally, Barclays raised their target price on shares of Prudential Financial from $128.00 to $134.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $126.15.
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Read Our Latest Report on PRU
Institutional Investors Weigh In On Prudential Financial
Hedge funds have recently added to or reduced their stakes in the stock. Grove Bank & Trust increased its position in shares of Prudential Financial by 65.9% during the 4th quarter. Grove Bank & Trust now owns 219 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 87 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Prudential Financial in the 4th quarter worth $29,000. Ashton Thomas Securities LLC bought a new stake in Prudential Financial during the third quarter valued at about $31,000. CGC Financial Services LLC raised its stake in shares of Prudential Financial by 82.1% in the fourth quarter. CGC Financial Services LLC now owns 275 shares of the financial services provider's stock worth $33,000 after buying an additional 124 shares during the period. Finally, Wingate Wealth Advisors Inc. purchased a new stake in Prudential Financial in the 4th quarter worth approximately $33,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.
About Prudential Financial
(Get Free Report)Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.
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